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Description of Bitcoin (BTC)

Bitcoin Origin

Release Date: January, 2009.

The Bitcoin (BTC) was created by an unknown or group of unknown programmers referred to as Satoshi Nakamoto.

Bitcoin, is a digital asset that functions as a peer-to-peer technology enabling payments to be executed between anyone on a global scale. The Bitcoin is decentralized, meaning it does not need to rely on any central authority in order to manage transactions.

Bitcoin Functionality

The Bitcoin as regarded as the world’s first successful use case of a distributed digital asset. The greatest value of BTC, is the monetary autonomy that it provides its users with. Public-key cryptography principles are employed behind bitcoin, and it functions on a proof-of-work system in order to verify transactions which are then added to a block on the Bitcoin Blockchain in a sequential order.

A single Bitcoin cannot be sent twice, due to the fact that all transactions which are recorded on the Blockchain are immutable and broadcast to the entire network of participants.

The main purpose of the bitcoin is to bypass the need to trust in third parties in terms of money handling. Such as banks and other financial institutions. This is due to the fact that human intervention is a common process amongst these intermediaries, which can make internal transaction handling systems brittle, and susceptible to manipulation, misrepresentation, and fraud.

As opposed to traditional third parties, bitcoin transactions and the data pertaining to them can be seen by anyone. The currency is permission less, meaning that nobody is barred from using it. Conducting payments and transactions with BTC does not require a government issued ID. Additionally, the bitcoin is totally censorship proof. What this means is that no single entity can block another from executing transactions over the network.

Additionally, the bitcoin Blockchain experiences no down time. Meaning that it functions all year long, 24 hours a day. The maximum attainable supply is frozen at 21 million, thus, the supply is limited.